Embattled P&G Chief Replaced By Old Boss

Robert McDonald's four-year struggle to adapt Procter & Gamble Co. to a new world of more frugal consumers and tougher global competition has come to an abrupt end.

Late Thursday, P&G replaced Mr. McDonald with his retired predecessor, A.G. Lafley, effective immediately, a signal of the urgency the company feels to get sales growing faster and fire up its pipeline of new products.